Ross said the recently opened locations complete the company\u2019s store growth plans for fiscal 2023. The retailer opened 97 new locations this fiscal year, close to its previously stated goal of 100 openings this year.<\/li>\n<\/ul>\nDive Insight:<\/h3>\n
Ross has consistently opened new stores throughout the year and plans to continue growing. As of this week, the off-price apparel retailer had 2,112 locations in 43 states, Washington, D.C., and Guam.<\/p>\n
Gregg McGillis, the company\u2019s executive vice president for property development, said Ross is \u201cconfident in our expansion plans and see plenty of opportunity to grow to at least 2,900 Ross Dress for Less and 700 DD\u2019s Discounts locations over time.\u201d<\/p>\n
The company reported positive financial performance in Q2.\u00a0Ross opened 18 namesake stores and nine DD\u2019s stores that quarter. Total sales for Q2, which ended July 29, were $4.9 billion, up 7.7% from $4.6 billion year over year. Comparable store sales rose 5% and Ross posted net income of $446 million for the quarter, up 16% from $385 million last year. The company said cosmetics and accessories were its strongest merchandise areas in Q2.\u00a0<\/p>\n
Based on Q2\u2019s performance, Ross in August raised its second-half sales and earnings guidance. The company now expects comp store sales for the third quarter to rise 2% to 3% and 1% to 2% for the fourth quarter.<\/p>\n
\u201cLonger term, we believe the rigorous execution of our off-price business models will allow us to consistently deliver solid results,\u201d CEO Barbara Rentler said during the company\u2019s last earnings call, according to a transcript.<\/p>\n
In response to an analyst\u2019s question on how consumers are behaving in a macroeconomic environment that\u2019s still heavily influenced by inflation and reticence on discretionary spending, Rentler said the retailer\u2019s customer base falls primarily in the moderate- to low-income segment.<\/p>\n
But Rentler said, \u201cI think the customer, with moderating inflation, is feeling a little bit more room to spend money.\u201d And the off-price segment of retail, she said, is positioned to adapt more readily to changing consumer expectations.<\/p>\n
\u201cI do believe that off-price has this unique opportunity because it carries products and has the ability to flex based on the customer and you’re not kind of pigeonholed into one view of who you are, you can flex and move with what the customer wants,\u201d Rentler said.<\/p>\n<\/p><\/div>\n
![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>
<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Ross Stores opened 51 new […]<\/p>\n","protected":false},"author":1,"featured_media":10635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/10634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=10634"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/10634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/10635"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=10634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=10634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=10634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}